Refer to Figure 5-1. Marginal private benefit is represented by which curve?
A) D2
B) D1
C) Supply
D) All of the above represent marginal private benefit.
B
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Which of the following addresses agency costs
a. advertising for employee positions in as many outlets as possible b. hiring only from job fairs c. spot checks of the quality of employee work d. reducing the number of holidays
One reason the supply of carpenters is greater than the supply of physicians is because:
A. carpenters demand less income. B. physicians do not belong to a union. C. of differences in human capital. D. carpenters belong to unions.
A demand curve that is perfectly inelastic is
A. Downward-sloping. B. Upward-sloping. C. Horizontal. D. Vertical.
The idea that tariffs should be imposed to protect new and developing industries is referred to as
A. the infant industry argument. B. the start-up argument. C. the incubator business theory. D. the new markets theory.